Bharat Forge Q3 PAT up 36% at Rs 309.83 crore

The company secured new orders worth USD 6.5 million from commercial vehicle (CV) and industrial sectors. New Delhi: Auto component major Bharat Forge on Wednesday reported an increase of 35.79 per cent in its standalone profit at at Rs 309.83 crore for the third quarter of FY19.

The company’s profit stood at Rs 228.16 crore in the same quarter last fiscal, Bharat Forge said in a release.

The revenue for operations increased 21.71 per cent at Rs 1,692.51 crore as against Rs 1,390.54 crore in the same period year-ago.

According to BN Kalyani, Chairman and MD, Bharat Forge, the growth in revenue and profit in the third quarter was on the back of "strong performance across key verticals and all geographies."

He further said, "Key highlights during the quarter include quarterly revenues from oil and gas verticals and the aerospace and defence verticals. The company secured new orders worth USD 6.5 million from commercial vehicle (CV) and industrial sectors."

In fact, segment leaders like Maruti Suzuki, Tata Motors and Hero MotoCorp have reported de-growth of 34.3 per cent, 45 per cent and 20 per cent, respectively giving a clear indication of a prolonged slowdown in the sector.